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Capital Gain

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CA KAMAL MADAN

CHARTERED ACCOUNTANT

147 Points Posted on 04 August 2020

Plot sold on 23/05/2019 and on that there is a capital gain of 15 lacs ,can we get exemption under 54EC if we make investment now?

Replies (3)

Quick Summary

This discussion addresses whether an individual can claim exemption under Section 54EC for capital gains made from a plot sold on 23/05/2019. The key takeaway is that the six-month window for investing in notified capital gains bonds has passed, making it impossible to claim exemption now. The conversation also highlights the importance of determining whether the capital gain was short-term or long-term, and notes the exemption limit of Rs. 50 lacs.

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 04 August 2020

If Plot sold on 23/05/2019 and on that there is a capital gain of 15 lacs, than to get exemption under 54EC you are required to make investment in notified Capital gain bond within 6 month from date of sale, which is already Passed.

So, now you can not get exemption by making investment in bond.

sabyasachi mukherjee

Profession

28265 Points Posted on 05 August 2020

There are more pertinent points...
Your capital gain is short term or long term.
You can claim exemption under Sec 54 EC upto a limit of Rs. 50 lacs within six months from the date of sale.

Ravi SADhiyan

Practice

4510 Points Posted on 05 August 2020

Originally posted by : sabyasachi mukherjee
	There are more pertinent points...Your capital gain is short term or long term.You can claim exemption under Sec 54 EC upto a limit of Rs. 50 lacs within six months from the date of sale.